The Australian sharemarket was up by a tiny 4.90 points today, to 8,441.10
The two best-performing stocks this afternoon were De Grey Mining Ltd and Gold Road Resources Ltd, up 28.45% and 8.58% respectively.
Over the last five days, the index has gained 0.56% and is currently 0.42% off its 52-week high.
Information Technology was far and away the best of the sector performers in mid-afternoon trade, up 1.12%. Related sector Communication Services trailed a little way behind, up 0.56%.
At the other end of proceedings were Health Care, down 0.43% and Utilities, slipping 0.34%.
Albo shelves environment watchdog
Prime Minister Anthony Albanese has killed proposed environmental reforms that would include establishing a watchdog.
The decision was welcomed by West Australian Premier Roger Cook, who said: “The Prime Minister made a call. It was an important one. I think he showed great leadership and of course, we in Western Australia and my government agreed with the call that he made.”
Cook confirmed he had received “assurances from the highest level” that the bill would not proceed, though he declined to comment on whether the reforms could re-emerge after the WA election on March 8.
Cook also criticised the proposal's timing, stating, “We didn’t believe that those laws should have been put through the parliament last week, particularly in a rushed way.”
The decision follows reports of disagreement within the government, with Albanese denying a rift with Environment Minister Tanya Plibersek, who led the reforms.
Greens senator Sarah Hanson-Young indicated that she was close to a deal on the legislation before it was shelved.
End-of-year outlook
“US stocks ended their shortened week in brand-new record all-time high territory after the S&P 500 gained 0.6% on Friday,” moomoo Australia market strategist Jessica Amir.
“But zooming out, the picture is far brighter. The S&P 500 posted its best monthly gain in a year, after rising 3.4%, supported by Tesla (NASDAQ:TSLA) shares charging up 33%, while Garmin gained 28%, and Taser business Axon rose 45%.
“Meanwhile, Australia’s ASX 200 recorded its best gain in 12 months, rising 3.9%. Sigma Healthcare was the standout, up 47% with Pro Medicus following, rising 29%, and Web Travel gained 28%.
“The one big takeaway from November for December is that tech stocks have continued to lead the market higher, as they have all year. And the thinking is, the tech bull market appears to have been waved through and gained serious bullish charge.
“Why? Well, bond yields continued to sag, and the US dollar carved out its biggest weekly drop in three months, as fears about Donald Trump’s extreme trade policies seem to have dissipated. The market’s fear gauge has also fallen to a five-month low.
“This doesn’t mean November’s gains, where Tesla rose 33% and Sigma gained 47%, for example, and the broad markets rose over 3%, will be replicated. And this doesn’t mean we won’t experience a pullback.
“But if we did see a pullback—which you could maybe expect in December, as it’s traditionally not as strong a month as November—then if we did see a pull back - you will probably see investors buy into stocks seeing a drop as an opportunity to buy.
“This week’s events to watch include the US monthly payrolls release and Fed chair appearances as well as Australian third-quarter economic data.
“If the data is hotter than expected, or if Fed chair Jay Powell hints rates may need to stay higher for longer, then stocks could be a little volatile and maybe pull back. But you might expect banks to continue to push up if data shows strength.
“We will also keep an eye on what happens in Japan with bets that their central bank could deliver another rate hike at their final meeting of the year. That could unnerve markets.
“As for stocks and sectors to watch? Firstly, consider the broad Aussie market, which is expected to hit a brand-new record high on the first day of December, with the futures suggesting a gain of 0.3%. Shares in gold and copper are expected to do well, as their commodity prices are up, with gold up 0.20% to US$2,643.”
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